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Conversations From the Corner Office
COMPANY HISTORY
Whole Foods Market Inc..
In 1978, John Mackey and his girlfriend, Renee Lawson, opened a natural food store called Safer Way to share their embrace of organic foods with others in Austin, Texas. Plus, they thought it would be fun. But the business proved to be a challenge instead. The two struggled to maintain the store and lost almost half their $45,000 investment within the first year. To get back on track, they decided to merge Safer Way with a local competitor and in 1980 founded Whole Foods Market Inc. Today the company is the world's largest organic and natural grocery store with more than 190 stores and revenues of nearly $6 billion. It's also been named one of the country's best companies to work for with its decentralized management structure and stock options for all employees.
But Whole Foods has also come under criticism in recent years with accusations ranging from selling meat from poorly treated animals to turning its back on local organic farmers. In response, the company has taken a variety of steps. It instituted "animal compassionate" standards for the meat it buys. It requires all stores to carry produce from at least four local farmers. And it has created a low-interest loan program to help local organic farmers expand their operations. Mackey vigorously defends his company's standards and practices on his blog on the company's website.
In 2006, Whole Foods became the first Fortune 500 Company to offset all of its energy use with wind-power credits, and it's been named by the Environmental Protection Agency as the nation's second-largest purchaser of "green power."
Whole Foods is set to grow by half its current size with its plans to acquire rival Wild Oats Market, which operates 110 stores in 24 states and British Columbia, Canada.
RELATED LINKS
CO-FOUNDER, CEO AND CHAIRMAN JOHN MACKEY
Whole Foods Market Inc. history
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